Easy Office
LCI Learning

80 C Deduciton

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 January 2011 Mr x has taken housing loan for following purpose:
1) Construction - Rs 4,00,000
2) Repairs - Rs 3,00,000

For F.Y. 2010-11, he paid Rs 50,000 principal repayment for both construction and repairs.

How much deduction will he get u/s 80C ?

Will he get deduction u/s 80C for both construction and repairs ?
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
26 January 2011 80C is restricted to loan taken for "purchase or construction" of a residential house.
Profile Image

Ramasubbu K

Profile Image

Ramasubbu K (Expert)
26 January 2011 80C deduction is available only for principal repayment of loan availed fro purchase and construction of house.
Upgrade to CAclubindia Pro. Subscribe Now!

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
26 January 2011 Thanks sir...

it means that mr. x will get following amount of exemption:-

50,000*(400,000/7,00,000)
=28,571

Am I correct ?
Profile Image

Guest

Profile Image

Guest (Expert)
28 January 2011 But how the loan can be taken for a property for construction as well as repairs at a time ?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links